Veolia Environnement disclosed the signing of an agreement with the Federal State of Berlin authorities to sell its 24.95 percent stake in Berlinwasser for approximately $784 million. This divestment would be a direct contribution to the group’s asset divestment program.

This sale is subject to approval by the Senate and Parliament of Berlin, as well as EU antitrust authorities, and is expected to be finalized by the end of the year.

Veolia’s commitment in Berlinwasser dates back to the partial privatization of the municipal water and wastewater company in 1999. Since the sale by RWE of its shares in Berlinwasser in 2012, the State of Berlin has retained control over the company with a 75.05 percent share and has agreed with Veolia to achieve full control.